SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES
EXCHANGE ACT OF 1934
☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the fiscal year ended: 30 June 2022
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
Date of event requiring this shell company report
For the transition period from __ to __
Commission file number 1-10691
(Exact name of Registrant as specified in its charter)
England and Wales
(Jurisdiction of incorporation or organisation)
16 Great Marlborough Street, London W1F 7HS, England
(Address of principal executive offices)
Thomas B. Shropshire, Jr., General Counsel & Company Secretary
Tel: +44 20 7947 9100
16 Great Marlborough Street, London W1F 7HS, England
(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)
Securities registered or to be registered pursuant to Section 12(b) of the Act:
|Title of each class||Trading symbol(s)||Name of each exchange on which registered|
|American Depositary Shares||DEO||New York Stock Exchange|
Ordinary shares of 28101/108 pence each
New York Stock Exchange(i)
|8.000% Guaranteed Notes due 2022||DEO/22A||New York Stock Exchange|
|7.450% Guaranteed Notes due 2035||DEO/35||New York Stock Exchange|
|4.250% Guaranteed Notes due 2042||DEO/42||New York Stock Exchange|
(i)Not for trading, but only in connection with the registration of American Depositary Shares representing such ordinary shares, pursuant to the requirements of the Securities and Exchange Commission.
Securities registered or to be registered pursuant to Section 12(g) of the Act: None
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None
Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the Annual Report: 2,497,679,997 ordinary shares of 28101/108 pence each.
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes ¨ No þ
If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Yes ¨ No þ
Note - Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes þ No ¨
Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act :
|Large Accelerated Filer|
|Accelerated Filer||☐||Non-Accelerated Filer||☐||Emerging growth company||☐|
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ¨
|The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.|
Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
U.S. GAAP ¨
|International Financial Reporting Standards|
| ||as issued by the International Accounting Standards Board||☑|
If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. Item 17 ¨ Item 18 ¨
Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. þ
If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No þ
|5 || ||Cross reference to Form 20-F|
|7 || ||Introduction|
|10 || ||Strategic report|
|10 || ||Business description|
|10 ||Our brands|
|12 || ||Connecting purpose to performance|
|14 || ||Chairman’s statement|
|17 || ||Our investment proposition|
|19 || ||Chief Executive’s statement|
|22 ||Our market dynamics|
|27 || ||Our business model|
|30 ||Our people|
|32 ||Our strategic priorities|
|47 ||Monitoring performance and progress|
|50 ||Performing against our 2030 targets|
|57 ||Our ESG reporting approach|
|58 || ||Responding to climate-related risks|
|80 ||Cautionary statement concerning forward-looking statements|
|82 ||Risk factors|
|93|| ||Business review|
|93 || ||Operating results 2022 compared with 2021|
|128 || ||Liquidity and capital resources|
|133 || ||Definitions and reconciliation of non-GAAP measures to GAAP measures|
|145 || ||Governance|
|145 || ||Board of Directors|
|148 || ||Executive Committee|
|150 || ||Corporate governance report|
|167 || ||Audit Committee report|
|173 ||Nomination Committee report|
|176 || ||Directors’ remuneration report|
|210 || ||Directors’ report|
|215 || ||Financial statements|
Report of Independent Registered Public Accounting Firm - PCAOB ID 876
|218 || ||Consolidated income statement|
|219 || ||Consolidated statement of comprehensive income|
|220 || ||Consolidated balance sheet|
|221 || ||Consolidated statement of changes in equity|
|222 || ||Consolidated statement of cash flows|
|223 || ||Notes to the consolidated financial statements|
|223 || ||Accounting information and policies|
|226 || ||Results for the year|
|243 || ||Operating assets and liabilities|
|267 || ||Risk management and capital structure|
|286 || ||Other financial statements disclosure|
|293||Unaudited financial information|
|295 || ||Additional information for shareholders|
|298 || ||Taxation|
|303 || ||Exhibits|
|305 || ||Signature|
|306 || ||Glossary of terms and US equivalents|
Cross reference to Form 20-F
|Item||Required item in Form 20-F||Page(s)|
|1.||Identity of directors, senior management and advisers||Not applicable|
|2.||Offer statistics and expected timetable||Not applicable|
|B. Capitalisation and indebtedness||Not applicable|
|C. Reason for the offer and use of proceeds||Not applicable|
|D. Risk factors||82-92|
|4.||Information on the company|
|A. History and development of the company||7, 101-105, 138, 232-235, 237-238, 243-247, 290, 295-297, 301|
|B. Business overview||7, 8, 22-26, 40, 58, 59, 80, 81, 85-88, 90, 93-127, 133, 138, 226-231, 232-235, 243-252, 254, 295-301|
|C. Organisational structure||291|
|D. Property, plant and equipment||107, 111, 114-115, 117, 120, 127, 232-233, 252-255, 295, 296|
|4A.||Unresolved staff comments||Not applicable|
|5.||Operating and financial review and prospects|
|A. Operating results||22-26, 36-37, 90-92, 93-127, 136-137, 223-236, 267-276, 297-301|
|B. Liquidity and capital resources||19-20, 48, 93, 95-99, 104, 105, 128-132, 139, 264-276, 290|
|C. Research and development, patents and licenses, etc.||297|
|D. Trend information||19, 22-25, 80-81|
|E. Critical Accounting Estimates||Not applicable|
|6.||Directors, senior management and employees|
|A. Directors and senior management||145-149|
|B. Compensation||176-178, 185-189, 193-200, 206, 180-209, 257-263, 290, 291|
|C. Board practices||145-149, 168, 181, 190-192|
|D. Employees||30, 31, 232|
|E. Share ownership||201, 283-285|
|7.||Major shareholders and related party transactions|
|A. Major shareholders||211|
|B. Related party transactions||290-291|
|C. Interests of experts and counsel||Not applicable|
|A. Consolidated statements and other financial information||215-294|
|B. Significant changes||292|
|9.||The offer and listing|
|A. Offer and listing details||1, 211-212|
|B. Plan of distribution||Not applicable|
|D. Selling shareholders||Not applicable|
|E. Dilution||Not applicable|
|F. Expenses of the issue||Not applicable|
Cross reference to Form 20-F (continued)
|Item||Required item in Form 20-F||Page(s)|
|A. Share capital||Not applicable|
|B. Memorandum and articles of association||212, 303|
|C. Material contracts||190, 283-285, 303, 304|
|D. Exchange controls||302|
|F. Dividends and paying agents||Not applicable|
|G. Statement by experts||Not applicable|
|H. Documents on display||301|
|I. Subsidiary information||Not applicable|
|11.||Quantitative and qualitative disclosures about market risk||131, 267-276|
|12.||Description of securities other than equity securities|
|A. Debt securities||Not applicable|
|B. Warrants and rights||Not applicable|
|C. Other securities||Not applicable|
|D. American depositary shares||211, 212|
|13.||Defaults, dividend arrearages and delinquencies||Not applicable|
Material modifications to the rights of security holders and use of proceeds
|15.||Controls and procedures|
|A. Disclosure controls and procedures||168|
|B. Management’s report on internal control over financial reporting||165|
|C. Attestation report of the registered public accounting firm||215-217|
|D. Changes in internal control over financial reporting||165|
|16A.||Audit committee financial expert||169|
|16B.||Code of ethics||170|
|16C.||Principal accountant fees and services||168-169, 231|
|16D.||Exemptions from the listing standards for audit committees||Not applicable|
|16E.||Purchases of equity securities by the issuer and affiliated purchasers||103, 132, 276, 279-281|
|16F.||Change in registrant’s certifying accountant||Not applicable|
|16H.||Mine safety disclosure||Not applicable|
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
|17.||Financial statements||Not applicable|
|18.||Financial statements||See Item 8|
|Glossary of terms and US equivalents||306-307|
Diageo is a global leader in the beverage alcohol industry with an outstanding collection of brands across spirits and beer. Its products are sold in more than 180 countries around the world and its brands include Johnnie Walker, Crown Royal, JεB and Buchanan’s whiskies, Smirnoff, Cîroc and Ketel One vodkas, Captain Morgan, Baileys, Don Julio, Casamigos, Tanqueray and Guinness. Diageo’s Performance Ambition is to be one of the best performing, most trusted and respected consumer products companies in the world.
Diageo plc is incorporated as a public limited company in England and Wales. The company which is now Diageo plc was incorporated as Arthur Guinness Son and Company Limited on 21 October 1886. The Diageo group was formed by the merger of the Grand Metropolitan Public Limited Company and Guinness plc groups in December 1997. Diageo plc’s principal executive office is located at 16 Great Marlborough Street, London W1F 7HS, England and its telephone number is +44 (0) 20 7947 9100. Diageo plc’s agent for service in the United States for the purposes of Diageo’s registration statement on Form F-3 (333-242234) is General Counsel, Diageo North America, Inc., 175 Greenwich Street, 3 World Trade Center, New York, NY 10007.
This is the Annual Report on Form 20-F of Diageo plc for the year ended 30 June 2022. The information set out in this Form 20-F does not constitute Diageo plc’s statutory accounts under the UK Companies Act for the years ended 30 June 2022, 30 June 2021 and/or 30 June 2020. The accounts for the years ended 30 June 2021 and 30 June 2020 have been delivered to the registrar of companies for England and Wales and those for the year ended 30 June 2022 will be delivered to the registrar of companies for England and Wales in due course.
This document contains forward-looking statements that involve risk and uncertainty because they relate to, and are dependent upon, events and circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements, including factors beyond Diageo’s control. For more details, please refer to the Cautionary statement concerning forward-looking statements on pages 80-81.
The content of the company’s website (www.diageo.com) should not be considered to form a part of or be incorporated into this report. This report includes names of Diageo’s products, which constitute trademarks or trade names which Diageo owns or which others own and license to Diageo for use. In this report, the term ‘company’ refers to Diageo plc and terms ‘group’ and ‘Diageo’ refer to the company and its consolidated subsidiaries, except as the context otherwise requires. A glossary of terms used in this report is included at the end of the report.
On 31 December 2020, International Financial Reporting Standards (IFRSs) as adopted by the European Union (EU) at that date
were brought into UK law and became UK-adopted International Accounting Standards, with future changes being subject to
endorsement by the UK Endorsement Board. Diageo plc transitioned to UK-adopted International Accounting Standards in its consolidated financial statements on 1 July 2021. This change constitutes a change in accounting framework. However, there is no impact on recognition, measurement or disclosure in the period reported as a result of the change in framework.
The consolidated financial statements are prepared in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006 and International Financial Reporting Standards adopted by the UK, IFRSs as adopted by the EU and IFRSs, as issued by the IASB, including interpretations issued by the IFRS Interpretations Committee. IFRS as adopted by the UK and by the EU differs in certain respects from IFRS as issued by the IASB. The differences have no impact on the group’s consolidated financial statements for the years presented. The consolidated financial statements are prepared on a going concern basis under the historical cost convention, unless stated otherwise in the relevant accounting policy.
The preparation of financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the year. Actual results could differ from those estimates.
The financial performance expectations related to Diageo’s future organic net sales growth and organic operating profit growth, Diageo’s fiscal 23 outlook, Diageo’s medium-term guidance for fiscal 23 to fiscal 25, Diageo’s supply chain agility programme, future Total Beverage Alcohol market share ambitions and any other statements related to Diageo’s performance expectations for the year ending 30 June 2023 or thereafter included in this document have been prepared by and are the responsibility of Diageo’s management.
PricewaterhouseCoopers LLP has not audited, reviewed, examined, compiled nor applied agreed-upon procedures with respect to the
financial performance expectations and, accordingly, PricewaterhouseCoopers LLP does not express an opinion or any other form of
assurance with respect thereto. The PricewaterhouseCoopers LLP report included in this document relates to Diageo’s historical
financial statements. It does not extend to the financial performance expectations and should not be read to do so. The financial
performance expectations were not prepared with a view toward compliance with published guidelines of the Securities and Exchange
Commission or the guidelines established by the American Institute of Certified Public Accountants for preparation and presentation
of prospective financial information.
Organic movements and organic operating margins are before exceptional items. Commentary, unless otherwise stated, refers to organic movements. Share, unless otherwise stated, refers to value share. See page 133 for explanation and reconciliation of non-GAAP measures, including organic net sales, organic operating profit, free cash flow, eps before exceptionals, ROIC, adjusted net debt, adjusted EBITDA and tax rate before exceptional items.
The brand ranking information presented in this report, when comparing information with competitors, reflects data published by sources such as Global Data, Nielsen, NABCA and IWSR. Market data information and competitive set classifications are taken from independent industry sources in the markets in which Diageo operates. In addition, Diageo’s financial year end is 30 June, and such data may relate to dates other than 30 June or periods other than the financial year ended 30 June, such as calendar year end.
Disclosures not included in Annual Report on Form 20-F
The following pages and sections of this document do not form part of the Annual Report on Form 20-F and are furnished to the SEC for information only:
•Disclosures under the heading ‘Our brands’ on page 10 to 11.
•Disclosures under the heading ‘Connecting purpose to performance’ on pages 12 to 13.
•Disclosures under the headings ‘Global environment’,‘Long-term view’, ‘Building an entrepreneurial culture’, ‘Engaging Stakeholders’, ‘Creating value’, and ‘Looking ahead’ in the Chairman’s statement on pages 14 to 16.
•Disclosures under the heading ‘Statement on Section 172 of the Companies Act 2006’ on page 16.
•Disclosures under the heading ‘Our investment proposition’ on pages 17 to 18.
•Disclosures under the headings ‘Another year of strong performance’ and ‘Outlook’ in the Chief Executive’s statement on pages 19 to 21.
•Disclosures under the heading ‘Our business model’ on pages 27 to 29.
•Disclosures under the headings ‘Delivering our Performance Ambition’, ‘Our strategic outcomes’ and ‘Our culture and values’ in the section ‘Our strategic priorities’ on page 32.
•Disclosures under the heading ‘Doing business the right way, from grain to glass’ on pages 54 to 56.
•Disclosures under the headings ‘Society 2030: Spirit of Progress’ on pages 108, 112, 115, 117-118 and 120-121 in relation to each reporting segment in the Business review.
•Disclosures under the heading ‘Stakeholder engagement’ on pages 156 to 159.
•Disclosures under the headings ‘Workforce engagement statement’, ‘Internal control and risk management’ and ‘Political donations’ on pages 161 to 164.
•Disclosures under the headings ‘Disclosure of information to the auditor’ and ‘Corporate governance statement’ on page 210.
•Disclosures under the heading 'Unaudited financial information' on pages 293 to 294.
With over 200 brands and sales in more than 180 countries, our portfolio offers something for every taste and celebration
A global giant with a local voice
Johnnie Walker is the world’s number one Scotch whisky brand.1 Following the celebration of the brand’s 200th year in 2020, this year we’ve taken the first bold steps into a new chapter of Johnnie Walker’s remarkable journey. We also welcomed over 235,000 visitors2 to Johnnie Walker Princes Street, our newly opened visitor experience in Edinburgh, and unveiled a new era of the brand’s iconic ‘Keep Walking’ story.
During the pandemic, people around the world experienced dramatic shifts in their everyday lives. At Johnnie Walker, these changes, combined with our consumer insight, created an opportunity to instil the iconic ‘Keep Walking’ line with contemporary meaning, continuing to build this global giant through new, local connections. Hot on the heels of unveiling a bold new look for Johnnie Walker, we launched our new ‘Keep Walking’ campaign in October 2021. For more than 20 years, Johnnie Walker has inspired people with these two simple words, and this next chapter will continue to build cultural relevance for the brand among the next generation of whisky drinkers.
Our campaign burst onto screens, into venues, social feeds and advertising spaces, in over 50 countries. Through partnerships with local changemakers, including CL, the South Korean rapper; Burna Boy, the Nigerian singer, songwriter and performance artist; and DJ Alok, the Brazilian DJ and record producer, we reconnected people with the socialising spaces they had missed for so long. We broke away from more conventional communications, telling the story of African creativity in an award-winning documentary, ‘The Ones Who Keep Walking’, which was made with the Forbes 30-under-30 director, Amarachi Nwosu. We shared inspiring quotes on progress from famous personalities, such as Grace Jones, Mark Twain and Mae West across city skylines and cultural hot spots. And our television and cinema advertisement ‘Anthem’ brought Johnnie Walker’s charismatic spirit and the power of ‘Keep Walking’ to life with energy and optimism.
Johnnie Walker organic net sales grew 34% this year, surpassing 21 million nine-litre cases. And the ‘Keep Walking’ campaign’s success speaks for itself. We’re proud that, judged against 13,000 other advertisements, ‘Keep Walking’ won three top 10 places in Kantar’s Creative Effectiveness Awards 2022.
2 out of 4:
We own Johnnie Walker and Smirnoff, two of the world’s four largest international spirits brands by retail sales value3
Brand building expertise
We are driven to be the world’s best brand builder, leading the way in premium drinks. Global or local, every one of our brands has a story. Many bear witness to the changing world over centuries, while others are products of our world today. All have a purpose and role to play in creating enduring connections with people. While we honour the past, we’re passionate about nurturing categories old and new, and about building authentically crafted, culturally relevant brands.
From much-loved, established brands to the latest innovations, we move at pace with the latest trends, creating products, tastes and experiences for people to enjoy as part of celebrations big or small.
We are obsessed with building brands that will stand the test of time. This requires focus, precision and investment, in what we call a perfect blend of ‘creativity with precision’. It describes how we effectively combine data, insights and innovation with the creative flair our consumers expect from us, as the custodian of some of the most iconic brands in the world.
1. IWSR, 2021
2. Diageo internal data – 6 September 2021 to 30 June 2022
3. IWSR, 2021
Business description (continued)
Baileys: Halloween is for adults, too
Featuring three of the United Kingdom’s most popular drag queens making a deliciously wicked Baileys S’mores martini cocktail, Baileys’ ‘Witches’ campaign and television advertisement launched in over 10 countries in October 2021, celebrating Baileys as the ultimate adult Halloween treat. Developed in partnership with Diageo’s LGBTQ+ employee group, the Rainbow Network, the campaign put inclusivity at the heart of one of the biggest treating events of the year.
We are the global leader in super premium and above international spirits with retail sales value of over £6.1bn
It’s not teatime – it’s T-Time
Tanqueray prides itself on its unique mix of ingenuity and heritage. And in March 2022, the brand found a fitting creative partner in the Netflix Regency era-inspired series, Bridgerton. To mark the premiere of the hit show’s second season, fans were cordially invited to ‘Make it T-Time’.That is, teatime with a modern Tanqueray twist, with singer and Tanqueray brand partner, Joe Jonas.
Raising 'One for the Sea'
Made on the rugged shores of the Isle of Skye, Talisker shares its spirit with the wildness and adventure of the sea. This is why the brand has partnered with Parley for the Oceans to ‘Rewild Our Seas’, committing to preserve and protect 100 million square metres of marine ecosystems around the world by the end of 2023. Through the ‘One for the Sea’ campaign, first launched in 2020, Talisker and Parley have reached millions with their message, underpinned by activations including a celebrity swim in Brighton and limited-edition engraved bottles.
4. IWSR, 2021
Business description (continued)
Connecting purpose to performance
Building a company that can prosper over the long term
Today, we are one of the world’s leading companies. A business tuned to respond to the needs of all our stakeholders and society at large. Arthur Guinness, Charles Tanqueray, Elizabeth Cumming, John Walker and those who followed in their footsteps, were incredible innovators and entrepreneurs. They understood, as we do today, that our distilleries, breweries and the hospitality industry we serve are at the heart of local communities, and that our business will only thrive if it helps these communities prosper too. That’s why we believe that our responsibility and influence extend beyond our direct operations.
We’re building and nurturing some of the world’s most iconic brands, rooted in culture and local communities, which is why we’re focussed on creating an inclusive, sustainable business in its widest sense.
At the heart of everything we do
Celebrating life, every day, everywhere.
We have an accessible purpose that provides a holistic platform for us to be the best we can be at work, at home and in our communities. Our purpose is about celebrating life in its broadest sense and it goes hand-in-hand with performance: never one without the other.
Our culture is rooted in a deep sense of our purpose, the personal connections we have to our brands, our relationships with each other and our passion to win in the marketplace.
At the core of our approach is a commitment to positive drinking through promoting moderation and addressing the harmful use of alcohol. That’s good for consumers and good for business.
Our ‘Society 2030: Spirit of Progress’ ESG action plan sets ambitious goals that support our commitment to shaping a more sustainable and inclusive business and society. We take great care in building sustainable supply chains; in protecting the environment and the natural resources we all rely on; and in our commitment to skills development, empowerment, inclusion and diversity.
To be one of the best performing, most trusted and respected consumer products companies in the world.
To be best performing, we need to deliver efficient growth and value creation for our shareholders. This means delivering quality sustainable growth in net sales; steady margin expansion; and reliable cash flows year after year. We don’t believe that we can become ‘best performing’ without also being ‘most trusted and respected’. This means we must do business the right way, from grain to glass, and ensure our people are highly engaged and continuously learning.
Shaping the way we work
Our values underpin our business and guide how we work.
We are passionate about our customers and consumers and want to be the best. We give each other the freedom to succeed and value each other. Pride is a source of energy for our company and we work hard so we can be proud of what we do.
Business description (continued)
A roadmap for achieving our ambition
OUR STRATEGIC PRIORITIES
Our six inter-related and mutually reinforcing strategic priorities drive our company forward.
They help us deliver the strategic outcomes against which we measure our performance.
OUR STRATEGIC OUTCOMES
[EG] Efficient growth
[CT] Credibility and trust
[CVC] Consistent value creation
[EP] Engaged people
Read more on page 32.